Which of the following best describes token money?
...Which of the following best describes token money?
Money in the vaults of commercial banks
Currency and coins in circulation
Money with face value higher than its material content
Coins and notes made of poor quality material
Correct answer is C
Token money; money where the face value of notes or coins is unrelated to the value of the material of which they are composed. In economics, Token money, or Token, is money that has little intrinsic value compared to its face value.
The token is a small amount of money (compared to the market value of theproperty) that has to be paid by the buyer as an indication of serious intent to purchase a property.
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